External broker reports(aggregated public sources), Nordea

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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The investor distribution for September shows that the Foreign bought DKK 4.9bn callable. Is that and early bird?</li><li>I must admit that I find the investor distribution data a bit more uninteresting than some years ago.</li><li>At some point in the future the data will become more relevant again which is why we must keep looking at them every month to detect if there are signs of the trend changing. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The investor distribution for September shows that the Foreign bought DKK 4.9bn callable. Is that and early bird?I must admit that I find the investor distribution data a bit more uninteresting than some years ago.At some point in the future the data will become more relevant again which is why we must keep looking at them every month to detect if there are signs of the trend changing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Investor Distribution for September: Do I Spot a Signal?

<ul><li>The Ministry of Finance/Norges Bank working group ongovernment transactions and the money market, released in early April made it clear that big changes were coming for the Norwegian Money market.</li><li>Following the group’s recommendations, it looked like privatebank reserves at the central bank (structural liquidity) was set to rise from around 35bn to 200bnover the next couple of years with large implications for Nibor-OIS, repos and fx swaps.</li><li>Read our assessment at the timehereNorges Bank confirmed our expectations of increased reserves at theirMarket Seminar in mid-April, while also saying that they would decide how to respond depending on whether the proposed changes would be implemented or not.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Ministry of Finance/Norges Bank working group ongovernment transactions and the money market, released in early April made it clear that big changes were coming for the Norwegian Money market.Following the group’s recommendations, it looked like privatebank reserves at the central bank (structural liquidity) was set to rise from around 35bn to 200bnover the next couple of years with large implications for Nibor-OIS, repos and fx swaps.Read our assessment at the timehereNorges Bank confirmed our expectations of increased reserves at theirMarket Seminar in mid-April, while also saying that they would decide how to respond depending on whether the proposed changes would be implemented or not.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A New Framework for Norges Bank's Market Operations

<ul><li>TheQ3 GDP flashstood at -0.1% q/q and -0.1% y/y.</li><li>GDP has declined two consecutive quarters and GDP is on the same levels as in Q4 2021, i.e. almost three years of stagnation.</li><li>The outcome was weaker than expected.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TheQ3 GDP flashstood at -0.1% q/q and -0.1% y/y.GDP has declined two consecutive quarters and GDP is on the same levels as in Q4 2021, i.e. almost three years of stagnation.The outcome was weaker than expected.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Swedish manufacturing industry’sproducer pricesfell by 1.8% m/m in September.</li><li>The year-on-year figure stood at -2.3%, down from +1.2% in August.TheSEK strengthenedversus most currencies in September, by 3.1% vs the EUR and a full 5.7% vs the USD (currencies are not measured during calendar months).</li><li>This explains much of the drop in prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish manufacturing industry’sproducer pricesfell by 1.8% m/m in September.The year-on-year figure stood at -2.3%, down from +1.2% in August.TheSEK strengthenedversus most currencies in September, by 3.1% vs the EUR and a full 5.7% vs the USD (currencies are not measured during calendar months).This explains much of the drop in prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish producer & import prices: Dropping back

<ul><li>US markets have almost caught up to our fed forecast. We see more upside from here with a Trump win that could reignite inflation.</li><li>US rates markets have gone from pricing a total of 150bp rate cuts in 2024 around the time of the September FOMC meeting, to less than 100bp currently.</li><li>The pricing of the terminal fed funds rate has increased from below 2.8% to above 3.4%. Our forecast has since 20.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US markets have almost caught up to our fed forecast. We see more upside from here with a Trump win that could reignite inflation.US rates markets have gone from pricing a total of 150bp rate cuts in 2024 around the time of the September FOMC meeting, to less than 100bp currently.The pricing of the terminal fed funds rate has increased from below 2.8% to above 3.4%. Our forecast has since 20.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.